how to get an opinion of counsel for a power of attorney

(a) Before accepting a durable power of attorney under Section 751.201, the person to whom the power of attorney is presented may request from the agent presenting the power of attorney an opinion of counsel regarding any matter of law concerning the power of attorney so long as the person provides to the agent the reason for the request in a writing or other record.

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Can a counsellor ask for an opinion?

When counsel other than the borrower’s main closing counsel (typically loan counsel) issues an opinion, that can require some coordination. In the worst case, local counsel will refuse to allow its opinion to be released until it has seen complete, fi nal and fully executed docu-ments. In other cases, local counsel may establish elabo-

How to obtain power of attorney?

Aug 15, 2012 · The State Bar addressed the issue in RPC 34: “[A]n attorney may be designated as ‘of counsel’ to a North Carolina law firm so long as the attorney is licensed in North Carolina and will have a close, in-house association with the firm which does not involve conflicts of Interest.

What is an attorney opinion letter?

Appendix C: Sample Opinion of Counsel [Attorney Letterhead] Date . Administrator . Rural Utilities Service . United States Department of Agriculture . Stop 1500 . Washington, D.C. 20250-1500 . Subject: (Company Name) Ladies and Gentlemen: We are counsel to _____ (the “Company”) in connection with the Company’s

When to give a legal opinion on a case?

May 01, 2018 · The title "Of Counsel" is used to describe a number of different attorney relationships to a law firm."Of Counsel" attorneys are not partners or associates, but rather lawyers who have a "close and continuing relationship" with the firm.They could be part-time lawyers, retired partners who occasionally consult, probationary partners, or lawyers whom the …

What is an opinion of counsel letter?

An opinion letter, also called a legal opinion, is a letter issued by a legal counsel that facilitates a lender's due diligence process in a transaction. ... Lenders often require an opinion letter to act as proof of legal counsel's advice and conclusions regarding the loan documents relevant to the transaction.

How do I write a counseling opinion letter?

How to Write an Opinion LetterState the facts: The facts are the answers to the client's questions. ... Analysis: For an easy analysis, first set out the provision of the law and the law itself. ... Answer the query: To answer the query, you will rely on the fact and analysis sections.More items...•Aug 5, 2016

What is an opinion of borrower's counsel?

Opinion of Borrower's Counsel means an opinion rendered to the Lender by Borrower's counsel in a form acceptable to the Lender and its counsel.

What is a local counsel opinion?

Local counsel is customarily engaged by lead counsel on behalf of the obligor transaction party (the Borrower) to provide opinions that lead counsel cannot, does not, or should not provide.

How do you get a legal opinion?

The initial legal opinion service will be restricted to a preliminary legal opinion on one single matter. The extent of advice would depend on how much of information you share with the lawyer. There is a fixed fee for the service. Information and solutions will be in the form of a one e-mail.

How do you ask for a legal opinion?

The California Supreme Court and Court of Appeal are state agencies authorized to request opinions. Requests should come from the chief justice or a presiding justice of the court or, as is usually the case, be submitted by the Administrative Office of the Courts.

What are the contents of a legal opinion?

A legal opinion must contain the Title/heading which shows the subject matter of the opinion, introduction, a summary of facts, legal issues involved, the law applicable, and the specific opinion or advice.

Why do you need a legal opinion?

The main purposes of a legal opinion are: To inform the addressee of the legal effect of a transaction or matter. To identify legal risks that the addressee should consider further and evaluate.

What is the purpose of a legal opinion letter?

The purpose of a legal opinion in a transaction is to provide an additional layer of assurance to the party receiving the opinion. In loan transactions in the United States, it is customary for the borrower's counsel to provide an opinion to the lender (but not vice versa).

What is POA in law?

A POA document is generally a written agreement between two people: (1) the principal (sometimes called the grantor) and (2) the agent (sometimes called the attorney-in-fact). The agent is the person appointed to act on behalf of the principal. So your parent (the principal) can grant you (the agent) certain powers of attorney.

When does a springing POA take effect?

Unlike most other types of POA documents, a springing POA agreement doesn't take effect until a specified date or a particular event takes place. For example, your parent may not want you to have any authority until he or she becomes incapacitated or turns a certain age.

Can you have more than one power of attorney?

However, there can be more than one person with power of attorney because your parent may decide that various responsibilities should be divided up among two or more people. (Frequently, for instance, one agent will handle financial matters, whereas another will handle healthcare issues.)

What is POA agreement?

Depending on the particular agreement, a power of attorney covers a broad or narrow set of responsibilities, usually related to financial and/or medical and caregiving matters.

Is it too late to get a power of attorney?

After all, by the time your parent becomes legally incapacitated, it's too late to get power of attorney. At that point, you have to pursue the more costly and time-consuming option of adult guardianship. That's why the issue of "capacity" is so important.

What is a POA?

Also known as special power of attorney, this type of POA grants an agent the authority to handle a very specific situation on the principal's behalf. For example, your parent may grant you limited POA to represent him or her in the sale of a particular property or to manage his or her transition to a nursing home or assisted living facility. Your authority as the agent ends as soon as you've successfully completed the defined activity or reached the agreement's specified expiration date. And your powers do not extend to anything other than what is specified in the document.

Can a power of attorney be challenged?

In fact, a power of attorney can be challenged. Banks, investment firms, and medical providers frequently do this. After all, third parties don't want to be held liable for honoring powers of attorney that might be forged, invalid, revoked, expired, or the product of coercion.

What is an attorney opinion letter?

An attorney opinion letter is a document addressed to either his client or the institution where his client is sending the letter, verifying that to the best of his knowledge, the client is in compliance with the relevant law. Mostly commonly, attorney opinion letters may be required for transactions with lenders, ...

What is a contracting letter?

Contracting Letter. A business entering into a contract can a request an opinion letter from the other business' attorney, certifying that the main parts of the contract are legally enforceable.

Can a bank require an opinion letter from a borrower's attorney?

A bank can require an opinion letter from the borrower's attorney. The borrower has to provide to his attorney an opportunity to go through all the financial documents pertaining to the business. After reviewing the documents, the attorney writes a letter assuring the bank that he reviewed the financials and according to his expert opinion as an ...